All Forum Posts by: Kyndall Johnson

You should be able to purchase a new primary residence with the remaining difference between your first VA loan purchase and the maximum amount allowed, with the same VA loan financing and make your current property the investment. You can say that you're looking for a new home that accommodates your growing family, but that you would like to keep the current home as a rental/investment property. This is all based on you moving to the new property to occupy it as your primary residence. This is something I know my military friend did a few years ago.

I have not explored it further, but I am continuing to look into the Lakeland market for deals. Potentially leasing property for the cash flow income on the short term rental cabins has been suggested. I don’t know what the details would look like on that. I’d be interested to hear from anyone that has done something similar.

Welcome!

@Account Closed, looks like you nailed that one: 

https://www.businessinsider.com/where-to-buy-a-hou...

Thanks for being positive though.

@Christopher Phillips Thanks for the insight! That all makes sense and it’s probably a little coincidence as well with my experience. Thanks for your service as well.

@Theo Hicks I feel like 2008 was a lot of job loss as well as the impact on RE. Therefore, a lot of people could not pay their rent and consolidated with friends, family and other means to get by, which created vacancies that put a financial burden on the property owner, who may have lost their job as well in a lot of cases. Just so many holes lined up in 2008.

@Glen Parmenter Congratulations, Glen. Ride the wave of excitement to your next RE investment.

It seems when I’m purchasing a property the appraisal comes in very close to purchase price, but when I refinance a property the appraisal is always on the high end of the market value. Is this a common experience with everyone? Does the lender just want to lend more money with a refinance? Thoughts? Experiences?

*own the land, NOT the mobile home/manufactured home.

@Melvin Noriega In my opinion, it’s just not a quality product. This is coming from someone who grew up in manufactured homes. I had the rat tail and cool aid mustache to go with it. I watched them literally come apart and physically deteriorate for half my life. My parents were not neglectful, the product just doesn’t hold up well from what I experienced. There is a reason the prices are what they are. Like others have said, own the land, rent the mobile home/manufactured home.